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Basrah Gas signs loan agreement with IFC to limit gas flaring: Iraqi News Agency

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Iraq’s Basrah Gas Co. signed an agreement with the International Finance Corporation for a loan to fund a project to limit the flaring of natural gas, the state-run Iraqi News Agency reported on Tuesday.

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Iraq continues to flare some of gas extracted alongside crude oil because it lacks the facilities to process it into fuel for local consumption or exports.

Gas flaring costs nearly $2.5 billion in lost revenue for the government and would be sufficient to meet most of needs for gas‐based power generation, according to the World Bank.

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